Tax Settlement Scheme: The amount can be paid till 31st August 2021

The Tax Reconciliation Scheme 2016 was introduced by the State Government to resolve the outstanding dispute in the Gujarat Value Added Tax Act. Hefty fines are often imposed by the officer without giving Form 302 and when the issue is raised in the appeal, the first appeal officer (who has been made before the department officer) tries to rectify the defect by ignoring it and the helpless trader is beaten up and Have to struggle to endure. A number of respects regarding fines. Tribunal and honor. Although the judgment of the Gujarat High Court is in favor of the trader, the appellate officer does not accept it. Recently, the government has extended the deadline to pay the amount under the scheme for resolving the dispute. Really need to restart the plan to make a new application. Today's article discusses the increase in time taken by the state finance department.

10% of the amount to be paid by the applicant as per the resolution under the tax settlement scheme 2018 as the first installment dated. The balance was to be paid by 12.3.2030 and the balance was to be paid in 11 equal monthly installments before the last date of that month. Due to Covid-18, the government was allowed to repay this amount, according to which all the installments due by December 2020 are due. Granted relief with interest till 31st January 2021.

In addition, extending this period, it was also decided that if the applicant pays the last installment dt. By May 30, 2021 or with interest. If repaid by June 30, 2021, the benefit of this scheme will be available.

Due to the prevailing situation and various accurate representations, the State Government has extended the deadline for repaying the amount payable under this Tax Reconciliation Scheme dated July 8, 2021.

First installment

The date for payment of first installment under Samadhan Yojana was extended till July 31, 2020. If this amount has not been paid by the applicant till 31st July 2020 then in case of 31st August 2021 it has to be paid with monthly interest at the rate of 1.5%. The amount of interest should be calculated at the rate of 1.5% for the month or part thereof. So if the mass changes in payment, the whole month's interest will have to be paid.

Monthly installment

Under the scheme, 50% of the amount remaining after the first installment has to be paid in monthly installments. If this amount is not paid by the end of that month, then it can be paid by the 30th day of the month of Pachhi with the amount of 1.5% monthly interest. Now when this installment has not been reimbursed, the applicant will be able to pay all such installments with monthly interest of 1.5% till 31st August 2021. For calculation of interest, 1.5% will be charged for the month or part thereof.

It should be noted that if any amount is paid after 31st August 2021, the applicant will not be able to avail the benefit of the settlement scheme, so if the applicant pays the installment late but has not paid the interest, then such outstanding interest has to be paid till 31st August 2021. Otherwise in case the benefit of this scheme will not be availed. In addition, if the installment is paid late at that time and if the interest is paid today, there is no need to pay interest on any interest. Thus all payments will have to be completed by 31.2.31.